Karachi: The KSE-100 index experienced a turbulent trading session, closing at 138,218, a decrease of 380 points from the previous day. Trading volumes were recorded at 608 million shares, showing a slight decline from the preceding session's volume of 609 million shares.

Market analysts predict the index may test support at 138,150, the low from the previous session. A breach of this level could initiate a corrective trend, with potential downward targets identified at 137,430 and 135,481. On the upside, resistance is expected in the range of 139,200 to 139,575.

Technical indicators, including the Relative Strength Index (RSI) and the Stochastic Oscillator, reflect weakness, pointing towards a possible corrective phase ahead. Market experts advise investors to exercise caution at current index levels. The support and resistance levels are currently positioned at 137,844 and 138,896, respectively.

In other market news, PSO is anticipated to recover, with a strategy of 'buy on dips,' targeting Rs386.07 and Rs392.39, and a stop-loss set at Rs376.01. Meanwhile, HCAR is gaining momentum, with a similar 'buy on dips' approach, targeting Rs308.00 and Rs315.30, with a stop-loss at Rs295.32.

This analysis is sourced from JS Global.